It’s not that it’s happening. It’s that no one is surprised.
Guys, this is the first bank it what is a controlled crash. It’ll be one after another after another but instead of a torrent, it’ll be a very slow drip.
FR and many others were dead the same day SVB died but they wouldn’t allow you to see the full body count because THAT would have told us what actually happened. nostr:note143q2hsslccjwlvgd6kq738njd9jy5twmqd9chrhaf7cwqed6nmnqhnz2j0
Slowly, slowly, then all of the sudden.
So, as I expect we’ll see many banks fold up, where should I keep a chunk of fiat for the next 2-12 months?
I’m about to sell a house I flipped so getting a chunk of US Space credits >$250k. This will be used as operating capital for my business and then to purchase some new remodel project when I come across one. Is there a way to tell if a bank is more solvent than another? Even if the government covers all depositors (or I split between banks to stay within FDIC limits) if I’m in a bank when it goes, I fear there will be a period my funds are inaccessible as it gets bailed out. Because my time preference on this is measured in months but I’m not sure how many months, I’m concerned about the volatility of BTC to keep if all there (not to mention, I’m not even sure where to do a transfer that large in and out of BTC)
Might see if it’s feasible to convert into a Bearer’s Bond but if you lose the bond (it’s paper) then it’s gone for good.
I could keep bond paper safe, but to convert back out of it to pay my employees or to show proof of funds in order to purchase a new property, I’d still need an institution to go through.
I was hoping there was a list someone had put together of banks or credit unions that were in a more solid position. Since they are really all just mini branches of the Fed buying US Treasury notes when told too, I imagine all of them will feel that crunch at some point or another. Still I had hope some were “better” and that someone had done some digging to learn that. Banking is not my area of expertise.
Yeah, it’s a real mess. Clearly it’s become even worse as of late.
